Betfair is the worlds No.1 online betting exchange, and is the best way to begin your gambling career.With Betfair betting exchange, users can bet at odds set and requested by other Betfair users instead of being provided with odds on an event like you would with a more traditional high street bookmaker. Obviously, this has its advantages!
- Better odds!
- The ability to lay bets!
Better Odds
As you bet against other people rather than a traditional bookmaker you get on average 20% better odds. This is because the margins on the betting markets are much closer, and there is no round up of the book, as there would be with traditional bookie. As there is no bookmaker involved in Betfair you are betting against other users, so better odds are able to be offiered. And it goes without saying, that better odds means greater returns for you and me!
Of course, something that should be pointed out is Betfair's commision. This is only taken on winning bets, and even then it isn't that much (The Better Odds more than compensate for this)
Laying bets!
Another great thing about Betfair, is the ability to lay bets. By 'laying' a bet you are effectively becoming a bookie yourself and have the option to offer your own odds on a betting event. For example you may feel that Liverpool have no chance of winning this years Premier League, you have the option to 'lay' Liverpool to win the Premier League at given odds (depending on the current market odds) for example 3/1 (decimal 4.00) which means that if you placed a lay bet of £10 on Liverpool winning the Premium League would become the bookmaker.
If Liverpool did manage to win the Premier League you would pay out at and lose your lay bet. At the odds given in this example you would lose £30 as effectively you would pay the bet out to the person who placed the bet side of the exchange at 3/1 (decimal 4.00). On the other hand if Liverpool then fail to win the Premier League your lay bet would win and you would receive your £10 lay stake. Betfair gives you more ways to tailor your betting to suit your needs, and is thus, definitely worth a go!
If Liverpool did manage to win the Premier League you would pay out at and lose your lay bet. At the odds given in this example you would lose £30 as effectively you would pay the bet out to the person who placed the bet side of the exchange at 3/1 (decimal 4.00). On the other hand if Liverpool then fail to win the Premier League your lay bet would win and you would receive your £10 lay stake. Betfair gives you more ways to tailor your betting to suit your needs, and is thus, definitely worth a go!
